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cell4168
my wife and i dont have much extra money right now with our home loan and car loan but i know we need to start saving for the future.is there a small safe investment i can start little by little for long term money?
Answer
there are mutual funds with small initial investments. $500 for example. Some even less. That is a good way to start. I have included a link through Yahoo finance showing funds of that nature that are rated better than average by Moringstar. Yahoo sometimes does not provide correct information so you need to use this as a starting point and research a little furture.
Another way is to open an on line brokerage account and buy shares directly in good solid companies that have a good track record and pay dividend that have tended to increase over time, such as BAC, for example. But that is more risky without having at at least 5 and preferably 10 different stocks in your portfolio to reduce the risk of a piece of bad news causing disaster. You also have the option of buying exchange traded index funds. That is an inexpensive method to participate in general market trends. I personally do not like the idea, but a lot of people do.
there are mutual funds with small initial investments. $500 for example. Some even less. That is a good way to start. I have included a link through Yahoo finance showing funds of that nature that are rated better than average by Moringstar. Yahoo sometimes does not provide correct information so you need to use this as a starting point and research a little furture.
Another way is to open an on line brokerage account and buy shares directly in good solid companies that have a good track record and pay dividend that have tended to increase over time, such as BAC, for example. But that is more risky without having at at least 5 and preferably 10 different stocks in your portfolio to reduce the risk of a piece of bad news causing disaster. You also have the option of buying exchange traded index funds. That is an inexpensive method to participate in general market trends. I personally do not like the idea, but a lot of people do.
How would my credit be if I let my truck go back?
Q. I bought a 2006 Ford F-150 in June. I just found out my girlfriend and I are having a baby. My payment is 560 a month for 5 years. If I were to let Ford have it back would I be able to get a car loan for something cheaper. I make really good money.
Answer
Congrat's on the new baby.
Now for the bad news.
The rest of the posters are right, a repo is a repo no matter how you do it. And it will totally trash your credit report.
First off you will have anywhere from 2 to 4 negative tradelines listed on your reports.
One for the original loan which will show as a charge off.
One for the deficiency balance.
One for a collection agency if it goes to one.
One for a judgment if they sue and win.
When a vehicle is repo'd they will sell it for somewhere around 50% of the book value (you would be lucky if it sold for 50%) which is quite a bit less than what you owe. You will be responsible to pay the deficiency.
Then they will tack on the repo fees which could run up to $1,000 or $2,000.
If you don't pay, for that kind of money, they will sue.
The court costs will make the total that you owe rise even higher.
So, you can figure that you will be paying pretty much what you are now, without having the vehicle in the end. Your credit will be so thoroughly trashed that you would pay excessive interest rates on any loan that you apply for in the next 7 years - that is if you can even get approved. If you do finally get approved, it would be with some of the worst lenders that there are.
If you feel that you cannot make the payments, even though you say that you make really good money, your best bet would be to sell it at a loss and then pay the lender in full after selling the truck.
Or keep the truck and keep making the payments.
Congrat's on the new baby.
Now for the bad news.
The rest of the posters are right, a repo is a repo no matter how you do it. And it will totally trash your credit report.
First off you will have anywhere from 2 to 4 negative tradelines listed on your reports.
One for the original loan which will show as a charge off.
One for the deficiency balance.
One for a collection agency if it goes to one.
One for a judgment if they sue and win.
When a vehicle is repo'd they will sell it for somewhere around 50% of the book value (you would be lucky if it sold for 50%) which is quite a bit less than what you owe. You will be responsible to pay the deficiency.
Then they will tack on the repo fees which could run up to $1,000 or $2,000.
If you don't pay, for that kind of money, they will sue.
The court costs will make the total that you owe rise even higher.
So, you can figure that you will be paying pretty much what you are now, without having the vehicle in the end. Your credit will be so thoroughly trashed that you would pay excessive interest rates on any loan that you apply for in the next 7 years - that is if you can even get approved. If you do finally get approved, it would be with some of the worst lenders that there are.
If you feel that you cannot make the payments, even though you say that you make really good money, your best bet would be to sell it at a loss and then pay the lender in full after selling the truck.
Or keep the truck and keep making the payments.
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